There are five ways to deal with a car loan when you are declaring bankruptcy. You can surrender the car or let the lender repossess it. You can keep the car and reaffirm the car loan. You may be able to keep the car and "retain and pay". In certain situations you may keep the car and do a "redemption". Read on and get a better understanding what these alternatives mean. Then talk to me, your San Diego Bankruptcy attorney, to see what is best for your situation.
It is possible to lose property in bankruptcy. As your San Diego bankruptcy attorney I will make every effort to ensure that you do not lose any property in bankruptcy. This is done through the careful understanding and use of "exemptions".
Many people are confused about the difference between Chapter 7 and Chapter 13. In a Chapter 7 all of your unsecured debts are discharged (except for certain nondischargeable ones such as student loans and most taxes). But in a Chapter 13 you have to pay a portion of your unsecured debts over a time period. So why would anyone do a Chapter 13?
Many people are giving thought to whether they should consider filing for bankruptcy. What are some of the reasons to declare bankruptcy and what can bankruptcy accomplish for you?